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CFA applauds new Starter Loan Program from Farm Credit Canada

Written on 08 March 2019.

OTTAWA, February 27 - The Canadian Federation of Agriculture (CFA) was pleased to hear the announcement by the Minister of Agriculture and Agri-food, Lawrence MacAulay, of the Starter Loan Program from Farm Credit Canada (FCC).

The Starter Loan Program is open to applicants from 18-25 years of age, and can provide up to $50,000 to help new entrepreneurs start their farming operations.

Coupled with this, FCC is offering their farm management software, AgExpert Accounting Premium, for free, with the intent that young borrowers can have the financial independence and knowledge they need while establishing a solid credit history.

"Farm operations are a generational business, often passed down through families with succession plans for children that want to follow in their parent's footsteps," said Ron Bonnett, CFA President.

"But not all aspiring farmers have that kind of support or knowledge to draw from. Starting a farming operation has huge capital costs and an intense burden of knowledge. The FCC Starter Loan program can help new, young farmers break into the sector. Programs like these are pivotal for the next generation of farmers and the future of Canadian food production,"

FCC has always been a strong partner with CFA and their support to Canada's farming sector cannot be overstated. CFA will continue to work with FCC to represent and support farmers all across Canada.